Latest IRDA Questions Set 1

8/13/2019 Latest IRDA Questions Set 1

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Sample Paper 1

IRDA Sampla Quetions( IC-33 New syllabus.) With Hint

1 Sanjeev is an insurance expert who has rich experience in determining premium levels for product, what is his profile

like

an actuary

loss adjuster ris mana!er

underwriter

"ors on statisti#al data to arri$e on mortality % premium table et#

!he "on #overnment organi$ations%"#&' helps the insurance industry immensely in

&romotional a#ti$ities

Dra'tin! new re!ulations

(inking )uyers and sellers

inin! tird party administrators

N*+ spread Awareness as well as In rural on deeper &enetration trou! ,i#ro Insuran#e

* +nvestment )y foreign direct investors in to +nsurance cos is restricted to

/

0/

12/

-.

+n re#ommendation o' ,alotra Committee % nder 4oint $enture % te 'orei!n player #an not a$e more tan 5/ stae

/ Which market does the 0icro +nsurance oncentrate on 2

&eople wit lar!e 'amilies

People with (ow +ncome

*o$ernment 6mployees

people li$in! in ,etro #ities

,i#ro Insuran#e is 'or ow In#ome *roup . &rodu#t ran!es 'rom 07 to 02 7 .&remium is as low as Rs 0 and #an be #olle#ted

weely

3 What facility do the insurer use to cover 4isk )eyond their (imits 2

4e +nsurance

8an#a assuran#e

N*+

R8I

Reinsuran#e #ompany is te Insurer 'or te Insuran#e Company

- What is the max level under which micro insurance can )e done

0222

0222

35555

la#


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,i#ro Insuran#e !uidelines was issued in 220 by IRDA . ,inimum SA is Rs 0222 9 ,a: is Rs 02%222

6 Who is the customer of a 4e insurer

;i! Networt Indi$idual

+nsurance ompanies

i#en#ed Insuran#e A!ents

Non *o$ernment +r!anisation

Reinsuran#e #ompany is te Insurer 'or te Insuran#e Company

7 +nsurance company transfers the insurance which cannot )ear )y them to

8an#assuran#e

4einsurance


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As per IRDA re!ulations % a!ents are supposed to dis#lose teir C+,,ISSI+N wen ased by te #ustomer . ;owe$er Rebates

are proibited

1* hurning is )ad , )ased on which aspect

A!ents earn ower Commission on #urnin!

&oli#yolder !ets more bene'its

Policyholders suffer due to surrender charges and )enefits

Insuran#e #ompanies !et !ood brandin!

Repeatedly en#oura!in! #lients to swit# poli#ies In$estments 'rom one anoter is #alled #urnin!

1/ What over riding criteria an insurance agent consider while proposing a solution

ris

suita)ility

@le:ibility

Cost

A!ent is an intermediary between Insurer and te Client

13 Sales !arget is reduced = hurning will

In#rease

Aecrease

"ill not a''e#t

&artially

Repeatedly en#oura!in! #ustomers to swit# poli#ies or in$estment 'rom one to anoter is #alled Curnin!

1- Higher persistency to the insurer ensures what 2

,ore produ#ti$ity

;i!er attrition

Higher Profits

;i!er S.A

;i!er &ersisten#y elps Insurer to !et ;i!er re$enue tereby in#reasin! pro'itability

16 Persitency Bhas increased from 7 . in previous year to 7- . this year = !hat means

more lapsation

more attrition

less lapsation

No pro'its

;i!er &ersisten#y elps Insurer to !et ;i!er re$enue tereby in#reasin! pro'itability

17 What is the maximum !ime in which !he insurer should settle a claim when all documents are su)mitted

3 days

0 days

*5 days

2 days

A##ordin! to IRDA Re!ulation 22 % a #laim under a li'e insuran#e poli#y will a$e to be paid or be disputed wit !i$in!

rele$ant in'ormation witin 32 days 'rom te date o' re#eipt o' all ne#essary do#uments 9 #lari'i#ations


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18 9 missing person is considered to )e dead after

0years

Byears

years

6years

Se# 2 9 2B o' indian e$iden#e a#t B deals wit presumption o' deat % "aitin! period o' years is seen in #ase o' personmissin!

5 !he delay in settling claim )y any insurance co, as per +4A9 norms has to pay====. if the present )ank interest rate is

3=.

5/

/

6.

B/

As per IRDA Re!ulations % wen tere is a delay by te insurer 'or settlin! o' a #laim % ten tey need to pay / more tan te

'inan#ial years sa$in! a##ount rate o' interest

1 9 claim was su)mitted ; in how many days company should ask for additional documents if reCuired

13 days

2days

2 days

32 days

IRDA *uidelines on #laim settlement instru#t te insurer to #omplete any additional do#uments in'ormation #olle#tion not in a

pie#e meal basis witin 0 days 'rom te time o' re#ei$in! te #laim intimation

Divek takes insurance policy and dies after 7 months = +f the claim needs to )e excluded )asis the exclusion cause what

could )e the cause

suicide murder

Deat was due to A##ident

8ody not 'ound

Sui#ide #lause e:#lude #laim settlements i' it appens witin +ne year o' te poli#y #ommen#ement

* 9n advisor while explaining the policy and to sell he accepts to give a part of his 9gents commission, what is the limits

2/

2/

He cannot offer any commission

;e #an o''er up to 02/

Se# 1 () o' insuran#e a#t 3B proibits all a!ents to !i$e rebates

/ onsumer @orum at district level will hear complaints up to

5(

12

Cr

2


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Distri#t Court upto 2

3 How much is the re)ate allowed )y +4A9 to client

"il

0/

2/

30/

Se#12() o' Insuran#e a#t 3B proibits a!ents 'rom !i$in! rebates

- !he controller of insurance in india is

+4A9

R8I

S68I

Insuran#e ombusdmen

IRDA % was passed in parliament establisin! it as a #orporate 8ody

6 9 insurer advertises through daily news paper = What type of marketing is

#ross sellin!

dire#t sellin!

Solicitation of Policy

8rand buildin!

IRDA re!ulations on ad$ertisements in#lude all printed and publised materials 'rom Insurer as well as A!ents

7 +nvestment )y "4+%"on 4esident +ndian' will )e

No ris

ow ris

,edium ris

High risk

8 0WPE +f the policy is endorsed under 0WP E then the )eneficiaries are wife and 2

parents

e: wi'e

children

moter

8ene'i#iaries under ,"&A #an be "i'e % Cildren % "i'e 9 Cildren % Adopted Cild

*5 0r=Sunil is doing premium calculation for his company, as per which authority is his profession related to

ouncil of 9ctuaries Insuran#e #oun#il o' India

Insuran#e institiute o' India

IRDA

IAI (Institute o' a#tuaries in India ). A#tuary is an e:pert wo applies statisti#al 9 matemati#al metods to asses ris and

#al#ulate premium tables

*1 >asic Cualifications of agent

sound mind ; graduate


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sound mind 9 !ood in#ome le$el

A!e and in#ome le$el

;is #onta#ts in te maret to soli#it Insuran#e

@or i#ense % a person sould be ,ajor % +' sound mind % !raduate % no #riminal re#ords %attended trainin! % passed III e:am

* Which +nstitution was onstituted )y +nsurance 9ct 18*7

Insuran#e Institute o' India

(ife +nsurance ouncil

Insuran#e 8roer Asso#iation

*eneral Insuran#e Coun#il

i'e Insuran#e #oun#il was #onstituted under Se# 51 o' Insuran#e AC< 3B. Its te 'a#e o' i'e Insuran#e Industry

** What is the role of "ational +nsurance 9cademy2


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Insuran#e ombudsmen

$isitin! re!ional o''i#e


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/* 4aju is a certified license holder under what circumstances he needs to hold his certified license with him that is issued

)y irda

under all circumstances

wen e sells term insuran#e

wen e represents imsel' as anoter insurer

wen e sells pension poli#ies

nder IRDA re!ulations % an a!ent sould #arry is li#ense all te time and on demand % sould sow it to te #ustomers

// 9 policy has )een rejected )y the company under direct intimation to the customer and copy to the 9gent, what is the

next action of the 9gent

;e as to in'orm te #ustomer tat te #o as broen relationsip wit te #ustomer

;e plans to #an!e te plan

He has to explain the reasons for rejection to the customer

;e taes up wit te i!er autorities


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mind %not disHuali'ied

/8 +n a whole life plan E !he policyholiders responsi)ility to give disclosure

at the )eginning of the contract

trou! out te #ontra#t

Re$i$al sta!e

be!innin! o' renewal

Latest IRDA Questions Set 1

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